Tuesday, 21 March 2017

FG SELLS KEYSTONE BANK

The Sigma Golf – Riverbank consortium was yesterday
declared the new owners of Keystone Bank Limited.

Sigma Golf – Riverbank consortium is made up of Sigma Golf Nigeria Limited and
Riverbank Investment Resources, both entities set up by local investors.

The Asset Management Corporation of Nigeria (AMCON), which announced the
acquisition, said it followed the receipt of the regulatory approvals from the
Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

Details of the deal were not immediately clear last night. The bank’s assets
are estimated at N318 billion. It has two international units.

Citigroup Inc.’s Nigerian unit and FBNQuest, a unit of FBN Holdings Ltd.,
served as AMCON’s advisers on the sale.

A statement yesterday said: “The Asset Management Corporation of Nigeria is
pleased to announce Sigma Golf Nigeria Limited and Riverbank Investment
Resources Limited (the Sigma Golf – Riverbank consortium) as the new investors
in relation to the acquisition of the entire issued and fully paid up ordinary
shares of Keystone Bank Limited.”

It added that the completion of the transaction was subject to the fulfillment
of the conditions precedent as stated in the Share Sale and Purchase Agreement
executed between AMCON and the Sigma Golf – Riverbank consortium.

“This process started with interest shown by 18 parties cutting across local
and international investors.

The emergence of the Sigma Golf – Riverbank consortium
resulted from a rigorous and competitive bidding process, which was coordinated
for AMCON by Citibank Nigeria Limited and its affiliates and FBN Capital (Joint
Financial Advisers), and Banwo & Ighodalo and Crosswrock Law (Joint Legal
Advisers),” AMCON said.

Keystone Bank was incorporated by the NDIC on August 3, 2011. AMCON
subsequently capitalized Keystone Bank and appointed a Board of Directors and
Executive Management team to lead the Bank.